|Let’s sip some news:
Yes. The world has been in such an unprecedented state for almost a year and is yet to fully recover. Lots of businesses have fallen hard in the process, attributed by their slow response to the environment. This poses importance in adjusting business strategies to the business environment changes.
There are then a few steps you need to take to armor your business:
1. Audit your performance against the dynamic of the environment. You may want to have a list of world’s events that could affect your business.
2. Define all issues and opportunities from the analyses.
3. Prioritize up to 5 (and only 5 at max) issues to address. The number of issues shortlisted should depend on the resource availability of your company.
4. Craft an action plan for each of the problems.
5. Find suitable tactics to support your action plans. The tactics could be as simple as changing the communication’s tone of voice, creating new ads, or as ground-breaking as designing a software or applying technology into your operations.
- Coronavirus forces France to unveil its 'historic' €100 billion stimulus plan.
- Economist says $3 trillion of fiscal stimulus is to be required to support U.S. economy.
- Unemployment rose higher in three months of COVID-19 than it did in two years of the Great Recession.